2726. VIOLATIONS

2726 VIOLATIONS 2726.1 A lender that initiates a foreclosure through the power of sale provision of a residential mortgage in violation of the Act or this chapter shall be deemed to have failed to participate in the mediation in good faith. 2726.2 Any cost incurred by a lender in a foreclosure through the power of sale provision of a residential mortgage in violation of the Act or this chapter shall not be assessed to the borrower(s). 2726.3 A lender that fails to attend mediation shall be subject to a penalty assessed by the Commissioner in the amount of five hundred dollars ($500) for each mediation session that the lender fails to attend. 2726.4 A lender that fails to send, at least five (5) business days prior to the first mediation session, an electronic version of the documents required in Subsection 2714.1, and bring to a mediation any document that the Act, this chapter, the Mediation Administrator, or Mediator requires, shall be subject to a penalty assessed by the Commissioner in the amount of five hundred dollars ($500) unless the Mediation Administrator determines that good cause is shown. 2726.5 A lender that fails to mediate in good faith shall be subject to a penalty in the amount of five hundred dollars ($500) assessed by the Commissioner. 2726.6 A lender that breaches a settlement agreement pursuant to Section 539b (e)(4)(a)(i) of the Act shall be subject to a penalty assessed by the Commissioner in the amount of one thousand dollars ($1,000), and shall be required to perform the terms of the settlement agreement. SOURCE: Emergency and Proposed Rulemaking published at 58 DCR 2958 (April 8, 2011)[EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 58 DCR 8247 (September 23, 2011)[EXPIRED]; as amended by Final Rulemaking published at 58 DCR 11469 (December 30, 2011); as amended by Final Rulemaking published at 61 DCR 6390 (June 27, 2014). District of Columbia Municipal Regulations Banking and Financial Institutions 26-C DCMR § 2726